WaltonChase uses an interesting visual style that is able to mix a modern feel with older aesthetics. This is very well mirrored in the contrast between the logo and the style of the website. Yet, we could not shake off the feeling that there was something wrong with the experience. It is as if the broker lacks something, and sooner rather than later we started unfolding the true nature of this firm. We were disappointed by the result because we really had hopes for this company. Unfortunately, many of the recurrent unregulated broker themes appear with WaltonChase. The following review will uncover WaltonChase for what it truly is.
To create an account we passed through a unique process that was relatively simple and fast. We were then redirected to a portal area that was also a never-before-seen experience for us. In fact, it was one of the best areas we have seen in quite some time. Or so we thought until it was discovered that it held very little sub-areas, thus limiting the trader’s experience to a handful of options.
Nevertheless, we did open a below-average trading software that gave us a 7.8 pips cost of trade for the EUR/USD currency pair. This is in no way an exaggeration. Considering that the average spread is 1.5 pips to 2 pips, one can see why we were flabbergasted when we checked for a spread. The leverage was capped at 1:100. WaltonChase offers the following assets to trade with: forex currency pairs, indices, stock, cryptocurrencies, and commodities.
The website of the broker is available in English only.
WALTONCHASE REGULATION AND SAFETY OF FUNDS
WaltonChase pulls the old scammer broker trick and claims that it is available in jurisdictions that allow it to be. This is as vague as any regulatory information goes, and is a perfect example of an illegal broker claiming to be regulated.
The Contact Page puts the broker in Australia, which we find hard to believe. Australia is a hard market to be regulated in, yet we did check with ASIC for WaltonChase. We were not surprised when the regulator produced no result for the broker.
WaltonChase is definitely UNREGULATED and a great risk to all investments!
Be certain that investments in unregulated brokers are almost always lost, never to be seen by the user. Always check for a license before continuing to the next step. Ideally, the FCA or CySEC regulated brokers are the most trustworthy. Under these agencies, brokers are scrutinized every month and are required to follow some of the most rigorous rules in the industry. These include, but are not limited to, segregated bank accounts for all users. Both the FCA and CySEC offer to all their brokers, who in turn cover their clientele, compensation funds: CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
WALTONCHASE TRADING SOFTWARE
The web-based trading software used here is nothing special, and rarely does it exceed even the smallest of expectations.
The standout and only features here are time frames, chart indicators and multiple chart customization options, stop-loss and take-profit. Some of the most crucial elements of any modern trading software are missing, like pending orders for example. A truly disappointing platform.
WALTONCHASE DEPOSIT/WITHDRAW METHODS AND FEES
In order for a deposit to be made, the user must contact the broker’s support team. This was a surprising turn of events, as we rarely, if ever, see unregulated brokers take this odd approach. Usually, their pursuit of deposits is comparable to that of a carnivore’s hunt. According to the website, the minimum deposit is $10 000 which is ridiculous. One can say that WaltonChase is after the big fish in the FX investment industry, although its unregulated nature renders it a complete scam. The Terms and Conditions reveal that the user can deposit through a bank transfer, a credit/debit card, and a crypto wallet.
The minimum withdrawal is $100. The withdrawal request process takes some 7 to 10 days. The withdrawal fee is 1%, with a minimum of $30 and a maximum charge of $300.
We found a worrying clause disclosing that chargebacks – the only sure way to get your money back that was lost to a scam- are punishable; Users attempting chargebacks will have to reimburse the broker.
WaltonChase is a very scammer broker that will never return your initial investment. Do not waste your breath! Stay away!
How does the scam work?
The most popular scam that we will cover today is used by 95% of all illegal brokerages, and other fraudsters. It revolves around soliciting users into depositing, with some room for improvisation. Most user who fall for these sooner or later realize it.
Such scams work the following way: Users find certain ads online intriguing and click on them. The theme of these ads revolve around the perfect care-free life, living of investments and trades. Very alluring stuff indeed. Those that succumb to the temptation of this illusory lifestyle are redirected to a website, either the broker’s or an intermediary one (called robo-site), where they will be asked to give away their basic contact details. Through these, the scammers will start calling or sending emails to any potential investors. Conversations between user and fraudster are usually dominated by the scammer whose only job is to initiate the first deposit.
Depositing for the first time will bring around the expert scammer, or the so-called account managers, whose sole purpose is to drain you out of all your money. They will relentlessly call, demand, and notify you of opportunities, until users deposit further or realize they are being scammed.
Withdrawing from this position is almost impossible. The broker will throw at you everything it has got, its only purpose being to deny your request. Some of the most popular approaches are stalling, denying a request, closing an account, blocking an account, or shutting down the entire website.
What to do if scammed?
A chargeback is the first step towards recovery. Filing for a chargeback is easiest with you credit or debit card provider. What’s more is that MasterCard and VISA have extended their chargeback period to 540 day.
Investments lost to the scam initially made through a bank transfer should stimulate users to change their bank password and account users names ASAP. The next step is to contact their bank and ask them for further instructions.
Avoid crypto deposits at all costs! These are most of the time untraceable and there is no way to get your money back.
On a last note, do not trust any of the recovery agents. In exchange for a fee, these agents will promise to refund all your lost investments. However, once you pay them they will disappear, which leaves the user an even bigger loss.
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